• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.97-113
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• 2023

In order to generalize the social entrepreneurship model with cooperation orientation and increase the possibility of using the model, this study developed a measurement tool and tested it with 389 executives of social enterprises. For the development of the measurement tool, preliminary measurement items were formed through review of previous studies, and a questionnaire was tentatively composed of 40 measurement items in five areas through an expert panel review of the measurement items. A total of 389 questionnaires were collected by conducting a questionnaire survey targeting Korean social enterprise managers, and exploratory and confirmatory factor analysis were conducted using 375 questionnaires that could be analyzed. Five factors for 24 items were derived through exploratory factor analysis and reliability analysis. Through a series of analysis processes including primary and secondary confirmatory factor analysis, the model fit of the newly constructed social entrepreneurship research model was confirmed, and the validity and reliability of the measurement tools were verified. As a result of this study, the model fit of the social entrepreneurship model(social value orientation; innovativeness; pro-activeness; risk-taking; cooperation orientation) is verified, thereby improving the theoretical explanatory power of social entrepreneurship research and at the same time providing the basis and basis for theoretical expansion of follow-up research. The study proved the possibility of generalizing the social entrepreneurship model with added cooperation orientation, and at the same time, the measurement tool used in this study was widely used as a tool to measure social entrepreneurship theoretically and practically. In addition, it was confirmed that the cooperation orientation is manifested in corporate decision-making and activity behaviors for resource mobilization and capacity building, opportunity and performance creation, social capital and network reinforcement, and governance establishment of social enterprises.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.17-32
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• 2023

In recent years, the need for social ventures that aim to grow while solving social problems through the efficiency and effectiveness of commercial organizations in the market has increased, while there is a limit to how much the government and the public can do to solve social problems. Against this background, the number of social venture startups is increasing in the domestic startup ecosystem, and interest in impact investors, which are investors in social ventures, is also increasing. Therefore, this research utilized judgment analysis technology to objectively analyze the validity and weight of judgment information based on the cognitive process and decision-making environment in the investment decision-making of impact investors. We proceeded with the research by constructing three classifications; first, investment priorities at the initial investment stage for financial benefit and return on investment as an investor, second, the political skills of the entrepreneurs (teams) for the social impact and ripple power, and social venture coexistence and solidarity, third, the social mission of a social venture that meets the purpose of an impact investment fund. As a result of this research, first of all, the investment decision-making priorities of impact investors are the expertise of the entrepreneur (team), the potential rate of return when the entrepreneur (team) succeeds, and the social mission of the entrepreneur (team). Second, impact investors do not have a uniform understanding of the investment decision-making factors, and the factors that determine investment decisions are different, and there are differences in the degree of the weighting. Third, among the various investment decision-making factors of impact investment, "entrepreneur's (team's) networking ability", "entrepreneur's (team's) social insight", "entrepreneur's (team's) interpersonal influence" was relatively lower than the other four factors. The practical contribution through this research is to help social ventures understand the investment determinant factors of impact investors in the process of financing, and impact investors can be expected to improve the quality of investment decision-making by referring to the judgment cases and analysis of impact investors. The academic contribution is that it empirically investigated the investment priorities and weighting differences of impact investors.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.45-60
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• 2023

In this study, we analyzed the influence of middle-aged office workers' entrepreneurial competency and entrepreneurial opportunity recognition on entrepreneurial intention by mediating entrepreneurial opportunity evaluation. Sub-variables of entrepreneurial competency were classified into prior knowledge, positive attitude, and social network. For the empirical analysis of this study, an online survey using Naver Office was conducted for about 15 days (February 6, 2023 - February 20, 2023) targeting office workers across the country who are interested in starting a business, and a total of 262 copies were collected and missing values. For 250 copies excluding 12 copies, SPSS Ver.24.0 and PROCESS MACRO Model 4.0 were used for empirical analysis. The results of the analysis are as follows: First, the higher the prior knowledge of the founder's individual competency, social network, and entrepreneurial opportunity recognition, the higher the entrepreneurial opportunity evaluation and entrepreneurial intention. On the other hand, it was found that the positive attitude among entrepreneurs' individual competencies did not affect entrepreneurship opportunity evaluation and entrepreneurial intention. In addition, the magnitude of the influence on entrepreneurial opportunity evaluation and entrepreneurial intention was in the order of entrepreneurial opportunity recognition, prior knowledge, and social network. This is because the positive attitude of middle-aged office workers towards start-up has a negative image of start-up due to the shrinking start-up environment due to COVID-19, fear of failure due to lack of preparation for start-up, and successive cases of start-up failure due to cognitive bias errors due to overconfidence. implying that there is Second, it was found that the evaluation of entrepreneurship opportunities had a significant positive (+) effect on entrepreneurial intention in a situation where the entrepreneur's individual competency and entrepreneurial opportunity recognition were controlled. Third, the startup opportunity evaluation was shown to mediate between the prior knowledge of the entrepreneur's individual competency, social network and entrepreneurial opportunity recognition, and entrepreneurial intention, but it did not mediate between positive attitude and entrepreneurial intention. Fourth, among the factors influencing entrepreneurial opportunity evaluation and entrepreneurial intention, entrepreneurial opportunity recognition was found to be larger than founder's individual competency, confirming the importance of entrepreneurial opportunity recognition. Fifth, it was found that prior knowledge and network, which are individual capabilities of the founder, affect the evaluation of entrepreneurial opportunities and entrepreneurial intention, so that strengthening entrepreneurship education to recognize the importance of cultivating prior entrepreneurial knowledge and experience can revitalize middle-aged office workers' entrepreneurship. confirmed.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.3
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• pp.61-79
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• 2023

This study is a case study of overseas banana farms as a global agricultural startup that has hardly been attempted so far in terms of paradigm shift in the industry, beyond regional limitations. It was researched for the purpose of revealing the success factors of 'global agricultural startup' in terms of business process, entrepreneurship, and management dimensions learned through direct participation and observation at the local level. In order to study global agricultural startups, this study also conducted a comparative analysis of global startups (global startups) and global agricultural startups(global agricultural startups). In fact, the analysis consists of 'definition', 'components', and 'success factors', and we want to confirm the difference between the two concepts that can be distinguished. The case analysis tried to maximize the advantages of 'participatory action research' by directly observing and experiencing banana farms. In the case of banana farm cases, by dividing them into preparation process for farm development and farm development and management process, various variables considered in farm management were explained through the whole process of farm management. Through the process of overcoming and responding to specific failure cases, we tried to secure the reliability and validity of the research, and the case studies related to entrepreneurship, management, and organization analyzed by applying them by subdividing them into theoretical areas belonging to components and management that were theorized in existing preceding studies. This study is almost the first study on the process of creating a local entry business by directly moving the head office overseas rather than entering overseas agriculture as a subsidiary, joint venture or overseas corporation. In particular, it is a unique case that corresponds to agriculture in terms of region(Africa), scale(startup), and industry that have not been introduced so far as a global agricultural startup. In terms of entrepreneurship, it also concretely exemplified how entrepreneurship components such as innovativeness, risk-taking propensity, proactiveness, vision sharing, social contribution, leadership, etc., which have not been attempted so far in agricultural cases, are manifested and effective. The management and cultural aspects also went beyond the argument that only cultural aspects are important in overseas business, and also confirmed individual failure cases and their responses in recruitment, job, wage, retirement, development, organizational structure management, etc. As a result, there is significance and implications of this study in that it provides theoretical confirmation as well as practical and responsive basis for 'entrepreneurship', 'farming management', and 'management' aspects in overseas agricultural startup business operation.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.17-32
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• 2023

The entrepreneurial activities of college students play a significant role in modern economic and social development, particularly as a solution to the changing economic landscape and youth unemployment issues. Introducing innovative ideas and technologies into the market through entrepreneurship can contribute to sustainable economic growth and social value. Additionally, the entrepreneurial intentions of college students are shaped by various factors, making it crucial to deeply understand and appropriately support these elements. To this end, this study systematically explores the importance and impact of role models through a multiple serial mediation analysis. Through a survey of 300 college students, the study analyzed how two psychological variables, growth mindset and entrepreneurial self-efficacy, mediate the influence of role models on entrepreneurial intentions. The presence and success stories of role models were found to enhance the growth mindset of college students, which in turn boosts their entrepreneurial self-efficacy and ultimately strengthens their entrepreneurial intentions. The analysis revealed that exposure to role models significantly influences the formation of a growth mindset among college students. This mindset fosters a positive attitude towards viewing challenges and failures in entrepreneurship as learning opportunities. Such a mindset further enhances entrepreneurial self-efficacy, thereby strengthening the intention to engage in entrepreneurial activities. This research offers insights by integrating various theories, such as mindset theory and social learning theory, to deeply understand the complex process of forming entrepreneurial intentions. Practically, this study provides important guidelines for the design and implementation of college entrepreneurship education. Utilizing role models can significantly enhance students' entrepreneurial intentions, and educational programs can strengthen students' growth mindset and entrepreneurial self-efficacy by sharing entrepreneurial experiences and knowledge through role models. In conclusion, this study provides a systematic and empirical analysis of the various factors and their complex interactions that impact the entrepreneurial intentions of college students. It confirms that psychological factors like growth mindset and entrepreneurial self-efficacy play a significant role in shaping entrepreneurial intentions, beyond mere information or technical education. This research emphasizes that these psychological factors should be comprehensively considered when developing and implementing policies and programs related to college entrepreneurship education.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.2
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• pp.65-80
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• 2022

Despite the uncertainty and risky factors of startups, the special and critical role of accelerators in carrying out professional nurturing and investment for them is becoming increasingly significant in the startup social-system. However, academic research on investment determinants that have a profound impact on the survival of accelerators is lacking, and there are only a few empirical studies on the classification and importance of factors, and they do not enjoy the benefits of theoretical studies. This study proposes a business model innovation framework based on the business model innovation theory that reflects the nature and properties of startups that are investment targets of accelerators and derives 12 investment decision factors. The framework defines that the target, direction, and performable force of startup innovation are a business model, strategy, and dynamic capability. Besides, the framework analyzes the investment decision factors of the existing accelerators based on the business model innovation framework to verify the suitability and sufficiency of the composition. As a result of the analysis, first, most of the items were faithfully composed from a static point of view of business model innovation, but it was found that the factors related to the core activities to evaluate the activity and customer relationship were insufficient. Second, from the strategic point of view, the necessity of developing factors that can encompass the definition and content of core resources, which are internal strategic factors, was raised. Third, from the dynamic point of view, it was found that many of the investment determinants of accelerators were concentrated on the lower level of dynamic competencies. This can be judged as a result of reflecting the characteristics of a startup that needs to develop a solution with few resources and a small number of team members. In addition, the roles and interrelationships between each factor are not clear, thus it was found as a limiting point for startups to view and evaluate the direction and process in which startups dynamically innovate their business models. This study is considerably differentiated in that it provides a business model innovation framework and offers a theoretical basis for investment determinants by deriving the investment determinants of accelerators based on the framework and design the foundation for subsequent research. The business model innovation framework presented in this study has great implications in that it contributes to the achievement of startups, accelerators, and startup support organizations.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.2
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• pp.115-128
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• 2022

This research aims to analyze of the Effect of Army Start-up Support Program (hereinafter, ASSP) on the level of discharged or scheduled to be discharged soldier's satisfaction of their military service. In addition, this paper also seeks to elaborate on how those Army-supported programs, such as Start-up competitions, mentoring, camp, and school, can increase the level of military service satisfaction. By participating in those programs, service members can leverage their time in the military to make opportunity for their future career rather than consider it as a career break, increasing their military service satisfaction. Finally, on the basis of findings, this paper advocates for expanding Service Members startup Support Program of government agencies and municipalities and enhancing younger population's individual capabilities through ASSP. This research used ASSPs, such as Army Start-up competitions, mentoring, camp, and school, as independent variables. For controlled variables, this paper takes demographic elements such as status and career path of the participants. Our empirical analysis reveals that ASSP has a direct impact on the military service satisfaction, supported by the statistics from the hierarchical regression analysis. However, the research also suggests that individual' military service satisfaction from ASSP may differ from one another in accordance with the controlled variables such as status and career of the participants. This paper proves that ASSP can play a substantial role in enhancing service members' capabilities during their time in military and that Army fosters talent and connects itself to the nation and society. In addition, this research could contribute to increasing employment rate of and expanding Start-up support program of government agencies and municipalities for younger population by providing empirical results which advocates the latter's necessity.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.2
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• pp.15-31
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• 2022

This study was conducted to suggest a start-up policy that includes start-up education and support for active seniors with various careers who try to change their careers before and after retirement. From this point of view, this study divided the factors affecting the entrepreneurial will of active seniors into entrepreneurship organizational and functional competency and identified the effect of these competencies on entrepreneurial efficacy and entrepreneurial intention. In the proposed model, start-up competency is divided into organizational competency (leadership, creativity problem-solving, communication, decision-making) and functional competency (management strategy, marketing, business plan). And this study examined the mediating role of entrepreneurial efficacy in the relationship between entrepreneurial competency factors and entrepreneurial intention. Meanwhile, PLS-POS analysis was performed to uncover the heterogeneity and pattern in the proposed structural model. The survey was conducted with the help of an online survey company from November 27 to December 15, 2020 for the active senior age group from 40 to under 65 years old. Data were collected from a total of 433 panelists and analyzed using SPSS 22.0 and SmartPLS 3.3.7 programs. The findings are as follows. First, the finding shows that the entrepreneurial organizational and functional competencies of active seniors had significant positive(+) effects on entrepreneurial efficacy. Second, the result shows that entrepreneurial organizational and functional competencies of active seniors had significant positive(+) effects on entrepreneurial intention. Third, the findings show that entrepreneurship efficacy had a significantly positive(+) effect on entrepreneurial intention. The findings of PLS-POS show that entrepreneurship education needs to be carried out by identifying the needs that require entrepreneurial organizational and functional competency when training for entrepreneurship competency. In summary, the findings of the current study are to determine what the competency factors are for the government (local government) to increase the policy direction necessary for establishing and implementing entrepreneurship education and training programs to develop policies to enhance the economic activity participation rate of active seniors.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.191-211
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• 2022

As the value of highly sustainable companies increases, ESG(Environmental, Social, and Governance) has emerged as the biggest topic of discussion for companies around the world. In addition, as domestically, more research is being done on ESG in line with global trends, it is necessary to examine ESG research trends. Accordingly, ESG academic papers that have been published for the past 10 years were collected for each year, and frequency analysis was conducted using text mining techniques regarding key themes and thesis titles. This paper analyzed the number of selected publications by year and the cumulated number of studies through bibliometric analysis. The findings suggested that the number of ESG papers is increasing each year and that academic interest in ESG-related issues continues to abound. Next, according to the results of frequency analysis of the keywords and titles of the research papers, the words- "ESG", "company", "society", "responsibility", "management", "investment", and "sustainability"- were extracted. This analysis identified the research fields and keywords that have been relevant to ESG in the past 10 years. As a result of comparing the major ESG issues presented in recent overseas studies and the common factors of the ESG key keywords presented in this study, it was confirmed that the environment is the focus of recent studies compared to previous studies. Third, it was found that the data used by domestic ESG studies mainly include the KEJI index, the KRX index, and the KCGS ESG evaluation index. After identifying the main research subjects of ESG papers, research found that 8 out of 152 domestic ESG studies were focused on SMEs. Through this study, it was possible to confirm the ESG research trend and increase in research, and future researchers divided the research topics and research keywords and presented basic data for selecting more diverse research topics. Based on both, the arguments of previous ESG studies conducted on SMEs and the results of this study, there is a lack of studies on guidelines for ESG practice and their application to SMEs, and more ESG research regarding SMEs will need to be conducted in the future.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.121-137
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• 2022

The purpose of this study is to present the necessary success factors and strategies for high-tech social ventures and stakeholders in the related ecosystem by empirically identifying factors that affect their sustainable performance. Based on prior research, the dimensions of three performance factors were presented: core technology competency, core business competency, and social mission orientation. Then, such sub-dimensions such as technology innovation orientation, R&D capability, business model, customer orientation, social network, and social mission pursuit were derived. For empirical analysis, a survey was conducted on domestic high-tech social ventures, and the significance of the hypothesis was tested through PLS-structural equation analysis of the collected 243 valid data. As a result, it was found that the technology innovation orientation was embedded as an abstract organizational and cultural characteristic in the high-tech social venture, which is a research sample, and thus did not significantly affect the dependent variable. In other words, aiming for the latest cutting-edge technology alone cannot affect performance, and it is a result of proving the need for substantial influencing factors that can strengthen it. On the other hand, the business model had a significant effect only on social performance, which is presumed to be the limitation of measurement tools developed for social enterprises, and the results of additional multi-group analysis to determine the cause also supported the basis for this estimation. Excluding the previous two performance factors, R&D competency, customer orientation, social network, and social mission pursuit were all found to have a significant positive (+) effect on social and economic performance. This study laid a foundation for related research by identifying high-tech social ventures emerging in the ecosystem of a social economy and expanded empirical research models related to the performance of existing social enterprises and social ventures. However, in the research method or process, there were limitations such as factor derivation or verification for balance of dual performance, subjective measurement method, and sample representativeness. It is expected that more in-depth follow-up studies will continue by supplementing future limitations and designing improved research models.